Reliance Money changes option trading Limit Card tariff

If you are a limit card customer and your account/card is still active, then please note below mentioned changes. Message marked in underline, indicates changes in existing tariffs.

1) In Derivatives segment, Options brokerage will be charged @ Rs 15/- Per lot executed. (customer will be charged new tariffs only after expiry of existing card & if card is renewed on or after 31st may 2010)

2) Service Tax, STT, Stamp Duty, Turnover Charges and any other statutory levies charged separately on on transaction as applicable.

3) Service tax will be charged separately on purchase/assignment of card.

The changes are applicable from 31st May 2010 onwards to existing customers under limit card structure and for new customers opting limit cards.

InCash & Futures segment, brokerage charged is Rs. 15/- per order executed

Previously, in Option segment also the brokerage charged is Rs. 15/- per order executed . Now it will be changed into Rs.15/lot, apart from limit card charges.

Investchips advices you to close your account, rather than trade with them. It is the costliest effective brokerage for option trading.


Anonymous said...

Their options brokerage is very costly now - 100INR/lot + taxes (roughly comes around 116-117) one way.

Worse still, recently they are migrating customers to their new instaplus platform without even asking customers' opinion about it. In quick net search I found a posting dated 01 Sep 2010 where customer mentioned about this migration (so it is going on since 01 Sep 2010 atleast). How long does it take to migrate the customers to new platform? For a good technical team it is one weekend job and in more than two months they haven't migrated all to new platform.

Their customer care says that eventually all will be migrated to instaplus and other trading platform (easytrade was really easy and best in all the trading platforms they had - I have been their customer for nearly 2 years now).

What is my problem? This instaplus is full of technical bugs and requesting customer care doesn't seem to be of any help.

In instaplus you can't place After Market Orders or even modify day orders to use per share price that is multiple of 1 paisa (there are many scrips that have 1 paisa increment).

Using the Easytrade (Directtrade) link inside instaplus is of no use. I have been forced to use instaplus for nearly two weeks now and 80-90% of times filling form and pressing buy/sell button results in "Order is Expired.!" message. Wonder, how an order can expire at the very moment it is being placed.

There are far many issues that these. Intraday is nearly impossible with instaplus. Easytrade was 5-10 times faster and usable for trading.

Moreover layout, screen usage and information categorization in instaplus is terrible and very non-ergonomical. Not only that I am not able to trade even 30-40% of what I could do with easytrade, using instaplus has started giving wrist pain.

I have been wondering if SEBI can be complained about a broker not providing a usable service to trade?

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